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, it is time for dc to take a cue from the bayou . bobby jindal want to limit the state income tax and corporate tax it is time to change so people can keep their own money and foster an environment where businesses want to invest andreate good paying jobs. he would hike the 4 percent sales tax and some say like it up to washington d.c., is that right or wrong? i am dave asbin. we'll go to steve and rich and mike and john, you love this idea and think it is good for the whole, country explain. >> one of the scandal is not the deficits, but the fact that federal government collects 2.5 trillion. with the consumption or sales tax, this is the lone way we can limit how much money gets to the federal government and more businesses would be created and jobs and the federal government would not be penalizing our work and we would get more work and jobs. >> sounds good to me, rick, to you? >> here's the problem. i will not touch incredibly regressive nature of this. >> by regressive, it hits the poor more than the rich? >> exactly. put the brakes on a economy, imagine what happens here. f
of the economy. the other problem is, it does affect tax revenues. the guys with the green eye shades say well if we raise the taxes this much, we'll get this much more revenue. if you lower the incentive of people to take risk, generally what happens, revenue does not come in. >> paul: you don't get as much as you think you'll do. >> exactly. >> here, mary, look, the economy seemed, the stock market loved it, the hs blew out the next day and up based on the prospect that something would get done. housing markets recovering. i mean, the economy, the job market not great still, 155,000 new jobs, but the economy does seem to be doing okay. >> well, i think that's probably right, the economy will do okay, but when you have unemployment at 7.8% and it's really stubbornly not pudge r budging, you want to do something-- something more for the economy than just okay, than muddling through. i mean, if you're the president and you can fly back and forth to hawaii, you're not feeling it, but there are lots of people who are feeling the malaise of the economy, the low, slow growth. so, i think it's disap
. the other problem is, it does affect tax revenues. the guys with the green eye shades, if you raise the taxes we'll get this much more in revenue but if you lower the incentive of people to take risks generally that revenue doesn't come in. >> paul: so you don't get as much as you think. mary, the economy seems to be -- the stock market loved this. they blew out the next day and based on the prospect something would get done. how long go market is recovering. the economy and job market still not great, 155,000 new jobs, but the economy does seem to be doing okay. >> i think that is probably okay. the economy will do okay. but when you have an unemployment at 7.8% and really stubbornly not budging, you want to do something that something more for the economy than just okay, muddling through. if you are president you can say why you are feeling it but there are lot of people feeling the slow growth. it's disappointing we weren't able to do something has more of a positive impact. >> there were a couple big words attached. one was uncertainty, the economy needed certainty and the other
, but 40 times more tax hikes. republicans say we will stand on principle but happily fold like cheap suits. democrats to say the time for talk is over but then say addressing runaway entitlement spending is off the table. talk is cheap. breaking promises is cheaper for. doing both in little more than week, remarkable. i'm not the youth to say i am stunned that those in power often say one thing and do a power -- do another. it is almost as if they don't care how brazenly sound -- funny face down and disingenuous they are.e hear from citi and bank of america. melissa: i'm melissa francis and here's what's "money" tonight. well you probably heard about shell's grounded alaskan oil rig but did you know why it might have been moved, to avoid taxes. we'll drill down on those details. plus ditching the gas tax by the side of the road. virginia governor bob mcdonnell, wants his state's 17.5 cents gas tax gone for good but he wants to raise another tax instead. he will join us in a fox business exclusive to tell us how it all shakes out. >>> a landmark decision in the sports world. major league ba
the new cost of living cut and offer something to the republicans like no capital gains tax. they are always talking about growth. >> here is a facebook, and. jimmy writes -- join the conversation on facebook. look for c-span. caller: we have to cut spending. it is driving the rest of the country into dirt. washington has no clue what is going on 50 miles from the capital. it is sad what is happening. there are so many closed businesses and people out of work. be government has distorted acres. -- figures. they have to cut everyone who works for the federal government so they understand they are servants of the americans, not the other way around. if they start doing away with some of these departments that do nothing and make growth and possible in this country. we must wake up. host: are you concerned about the debt limit? there has been some enabling of the accounting so we we have more time before we hit that limit. caller: the government is spending money faster than they had the authority to borrow. we are going to have to make good for the money we have spent. in the
tax advantage. international etf . i am a believer in upon index funds and spending your investments around the world. >> ben? >> i love it . spiders. index fund. >> are they going to beat stocks. >> i don't thi they would. i like adams more than bens. ann forbes on fox. >> forget tax hikes in the new year. is the bigger worry the 77,000 pages of new regulations for making it illegal to own more than four cats and releasing wild hogs in the wild and using or serving single serve water bottles and regulations health care law. is it about to dry up the job market? hi, everybody. welcome to forbes on fox and go in focus with teave, rick and elizabeth and rich and morgan and victoria. now, rich. there are a lot of silly things and important rules and regs that are going to affect small business necessary america, right? >> you are right about that. you should look at financial regulations which makes it still hard for small businesses to get loans. health care regulations, obama care is it adding a cost burden evewhere you look behind ery nook and cranny. environmental regulations that i
taxes, think again. the president and his allies in congress are planning their next big tax increase. we'll tell you what's on the table. plus, president obama unfettered, what his treasury pick and national security team say about the president's world view and his agenda for the the next four years. welcome to the journal editorial report. i'm paul gigot. that didn't take long, fresh off the biggest tax increase the country has seen the last 20 years. the democrats are planning their next revenue grab. mitch mcconnell declared the tax issue over this week, saying it's now time to focus on washington's spending program. but president obama insists any cut must be be accompanied by more tax revenue. and mouse minority leader nancy pelosi says future tax hikes are not off the table. >> the president had said originally he wanted 1.6 trillion in revenue and he took it down to 1.2 as a compromise and this legislation will get 620 billion dollars, very significant, high end tax, changing the high end tax rate to 39.6%, but that's not enough on the revenue side. >> paul: joining the panel
but did you know why it might have been moved, to avoid taxes. we'll drill down on those details. plus ditching the gas tax by the side of the road. virginia governor bob mcdonnell, wants his state's 17.5 cents gas tax gone for good but he wants to raise another tax instead. he will join us in a fox business exclusive to tell us how it all shakes out. >>> a landmark decision in the sports world. major league baseball will start random in season testing for steroids. will the help its tarnished image and bring in ticket sales? we have former cincinnati reds pitcher, rob dib bill. even what they say it is not it is always about money. melissa: all right. first let's take a look at the day's market headlines. stocks reversed early losses capping off the week with modest gains. the dow gained 17 points to close at its highest level since october 18th. investors were less anxious whether the vix, also known as the fear index slid further. it is now at its lowest level since june 19th of 2007. gold prices fell 1% to end the week. fox business's sandra smith reports the loss is partly attribu
like the backpacks. 77% ofmericans saw their taxes go up this month and it could be just the beginning. what it will mean for you and our economy in today's "money" power panel. my favorite professors back from the university of chicago. spencer patton, what do you think? you open "the new york times," just opening the door to a whole new wave of texas. -- taxes. are you thrilled about this come is a great idea? >> if you want all this government and you have to pay for it, the truth is if we don't/government spending, you have to raise taxes on the middle class. the problem is there's no guarantee the higher taxes will go to reduce the deficit the government might just spending . money has been spent on relief aid for hurricane sandy. melissa: that is absolutely true. do you think if we give them more moneyhey will spend it -- is to die and pay their bills? >> america is already too vat already. i think it is exactly right. wh is the marginal expenses from a marginal dollar of taxes raised? is it less than a dollar? three years out it will be more than a dolr so if you raise a dollar
cliff. first, president obama calling on congress to avert middle- class tax cuts followed by republicans responding later the same day. then from new year's day, debate over the fiscal cliff and house of representatives. later, the president talking about the fiscal cliff agreement from the white house briefing room. now, president obama on new year's eve, and on congress to avert the so-called fiscal cliff and middle-class tax hikes. [applause] >> happy new year to you. >> hello, everybody. thank you. everybody have a seat. good afternoon, everybody. welcome to the white house. i realize that the last thing you want to hear on new year's eve is another speech from me. but i do need to talk about the progress being made in congress today. for the last few days, leaders of both parties are working toward an agreement that will prevent a middle-class tax hike from hitting 98% of all americans starting tomorrow. preventing that tax hike has been my top priority. the last thing that folks like the folks appear on this stage can afford right now is to pay an extra $2,000 in tax
to tax pace ipayers in the usa. why can't we garnish fannie for not paying us? that is the story folks that people are missing today. not that a major bank is paying 10 billion smackers to settle some loans with fannie, don't you find it odd that fannie is taking -- when taxpayers continue to get the shaft, a most gang lender -- mortgage lender whose little bi politicas date back to the clinton days? and the beneficiaries of bailout who collective are second to none, that does not make sense. it does not represent so much as a drop in the bucket. government watch dog, said that is the problem with bailouts, taxpayers keep losing out. tconsideratioty young is here t. the markets were sanguine on this, saying no surprise, blah, blah, blah, but i think it is offensive. >> of course, it is offensive, when bank of america took over countrywide loans under tarp the federal government agreed to payback any losses that bank of america had, when bank of america writes a $10 billion check to fannie mae, tax payers will be on the hook, the executives of fan may and freddy hacker losing money, and
revenue that is $819 billion greater than your line -- you have $807 billion in your tax increase built into it because it seems the expiration of the tax cuts for higher income earners and assumes the state tax subvert -- reverts back to 2009 levels. >> our baseline assumes, consistent with where there was bipartisan agreement in december, we would permanently extend the middle-class tax cuts and we would have estate tax relief. we did not have a long-term agreement on the upper-income rates or the richer -- we tried to construct a baseline so the difference would be clear. >> adding the additions in the base line of revenue increase, that is about $1.6 it is debt service on top of that. 709 for the upper income, 147 in debt service. >> let me get to this. i have a lot of questions and i am willing to send you more. your economic assumptions, how you achieve the claims you're making. i want to ask you how you make these economic assumptions. you are expecting robust growth with real gdp growth above 4%, much higher than the private sector blue-chip. i find it interesting that this mark
of americans seeing their paychks take a hit for the first time this week as the payroll tax hike kicks into full gear. and with 77% of workers in the cross-fire, virtually no one is safe. >> i almost cried because they took taxes, a lot of taxes out of me. >> it's one of those things that nobody is happy about. >> that sucks. >> it's not good to see it go down. >> it makes a little bit of a difference, maybe with a little less spending, fun stuff. >> my paycheck was about $60 less this months, that goes to food and groceries, i am not super happy about that. >> less money in my pocket and less money i spend, less money in the economy. so are they right? does this new payroll tax hike mean less spending and a weaker economy? hi, everyone, i'm brenda buttner, this is bulls and bears, here they are, the bulls and bears this week, gary b smith, tobin smith, jonas max ferris along with walker stableton and steffen, gary b. it turns out not just the rich, but the payroll tax hike smacking just about all workers, will it smack the economy next? >> i don't see how it can't, brenda. the person
taxes >> you can't. all the taxes will run the government for about eight or 10 days. its the president to stand on the necks of those surveyed money and say you have to pay more. it will not affect the budget or the life style as much as what they will do to create new jobs. but they won't because they don't know how much they will be asked to pay their fair share. tell me a percentage. fe will not do it. right now the average person will pay almost 44 percent of federal taxes and including state or local. how much is enough? gerri: here in new york city will local taxes and real estate it is almost that 60 percent. succession dollars going to3 government it is almost too much to take. talk about the do nothg congress. the debt ceiling and this week people are getting paychecks for the first time. >> people will be surprised the president said if you make less than $250,000 you will not pay one dime. they are paying a lot of times. making $50,000 will be on the hook of additional $1,600. you don't have that to give the government so they can waste it to borrow more money. it will hit p
call out and hold accountable are those who want to cut taxes for the rich and no fair share who want to live in the privatized environment and not care about the civic situation. that is truly damaging to the possibility of already beleaguered ideals. nothing is simple. i cover the former soviet union and russia. i could go on at great length about how boris yeltsin undermined democracy and became a hero democracy. lech walnsa in many ways was not the. working bloke many made him not to be. gorbachev was a visionary who came to power. he saw he needed to change the country. he used his powers to do that. he withdrew from afghanistan. he called for nuclear abolition. he worked with ronald reagan. he understood you need political solutions, not military solutions. when the soviet troops were ready to come out of the barracks so the berlin wall would not come down, he told them to stay in the barracks, the empire is going. we cannot be a country that will be one of glasnost and perestroika if we live the way we have. it is the 20th anniversary of the soviet union, the end of the soviet
these tax cuts and opened new loopholes we would not be having discussions about the dangers of the federal deficit. tax cuts didn't just that in the bank accounts of rich people, they plunged the nation deeper into the red. >> guest: absolutely. in deficit financing and all these things for many years, what we looked at for this book, we didn't fully realize just how egregious those revenue losses had been. this is the point we make in the book. about people and what is happening in the american economy, the global economy is inevitable and the rest of the world is catching up with us which is why incomes are stagnant. we show it is very much because of public policy. these things are not happening on their own. taxes are perfect example. one of the statistics in the book that has absolutely stunned people, go back to the 50s and look at the richest americans which is a specific number of people, the 400 richest people, in the mid 50s they paid the 51% of their income in federal taxes. on the verge of the implosion, economic meltdown of 2008 those 400 richest americans, the percentage was
. there are property tax issues, and the consequences felt by all of us. >> mr. miller, do you have anything to add to that? in particular, road blocks to solutions. >> i don't know whether we have hit bottom or not. one of the rules of economic, if something cannot go on foreign, it will stop, and some of the force pushing down the housing market can't go on forever. we have had -- new households have not been forming, so people are continuing to live we three or four roommates or live in their parents' basement or whatever. that can't go on forever or we'll have some very unhappy families. we already do. we're going to have to replace the housing stock at some point. there are some parts of this that can't go on forever. but there is still a lot of very -- a lot of family pressure, still ten million americans who owe more on their house than their house is worth. that means, as the introduction said, they can't just sell their house if they get into trouble. so we have a lot of foreclosures still in front of us, and the cycle of foreclosures causing equity loss, equity loss causing foreclosures,
. will there be another broken promise a tax and benefit changes he is making are making women -- come down a bit too. will he admit the tax incentive changes he is making are hitting women -- >> the questions must be heard and the answers from a prime minister must be heard. >> you will be able to speak when the document is published. there are more women at work than at any time in our history. pension reforms are helping women, public sector pay freeze which excludes the lowest paid is helping women and we are helping women with extra child-care. but mr. speaker, what a contrast between a government that is prepared to publish every piece of information and the party opposite cannot even apologize for the mess they left this country in. >> after that answer is no wonder he didn't take questions from women journalists at a press conference. let's turn to his biggest broken promise of all. the chancellor, hard-working people and the most honorable, at the same time he is giving this april a massive tax cut to millionaires. a candid assessment, won't you have to admit that he has broken that symbolic
of checks and lots of folks because taxing the rich ain't covering the bill. even with a billion dollar tax hike on the wealthy the next ten years, that wks out to about 60 billion bucks a year, barely enough to keep the government running for a week. and like i said, there not cutting anything and i mean anything. so, we have to find a way to keep feeding the beast. and just taxing the rich ain't going to satisfy even if you took their money, every last cent. ten years out our debt would be higher than it is now, you have to move down the food chain. you have to move down, well, to you, to the under 400 and under 450 grand crowd and i think way under. i'm thinking 50 grand and over, has just started. hike all of their taxes and i think conservatively 5% all of them and still doesn't cope up with the growth spiraling out of control programs like medicare, medicaid, and social security. and i haven't even touched defense, don't get me going upon defense. just to sustain what we clearly don't want to cut now. we would have to raise everyone's taxes a hell of a lot more than anyone could even
mcconnell drew a line in the sand saying though republicans are willing to work on tax reform as part of upcoming budget negotiations, new tax revenue is, "absolutely off the table." >> we've resolved the tax issue now. it's over, it's behind us. >> the tax issue is over. >> the tax issue is over, finished, completed. >> that may be mcconnell's view and not the view from the white house or democrats. they say new revenue is needed, mainly by scaling back tax breaks for the welty. >> these loopholes where people can park their money on some island off shore and not pay taxes, these are things that need to be closed. we can do that and use the money to reduce the deficit. >> is that done now? is the revenue side of it taken care of yet? >> no, no. >> if mitch mcconnell is going to draw that line in the sand, it is going to be a recipe for more gridlock. >> meanwhile chatter among republicans calling for a republican shut down is building the two republican in the senate it may be necessarily to partially shut down the government to secure the fiscal well being of our country. mcconnell
those individuals who are not dependent on their social security benefits taxed they might be working part time. you look at the person who is 85 or 86 and often, their pension was not indexed for their money. their spouse has passed away, they are, in general, tougher and -- financial circumstances. it is not that i would not have some sympathy for changing benefits, but i would like to do is lower the most for those who are most capable of withstanding the reduction. >> what do you say? >> i think the most important point to make about the change cb i is it saves you very little in the long run. it raises you very little on the tax side. if that's the only thing we are contemplating, i guess we talked about eligibility for medicare but we were not talking about sufficient reforms to fix the problem we face. while historically, the chain cpi may have gone up by two or three points less than the cpi w use, there is no guarantee. is just a forecast. -- that is just a forecast. we could save more or less depending on how things work out in terms of real reform, i would much rather look
. good to have you with us. here's what we have for you in the next half-hour -- tax evasion, why suisse consultants are helping greek companies. donations, why saudi arabia is building mosques in europe. and child abuse, why british victims are speaking out now. it is official -- cyprus is the latest patient that needs an injection of aid amounting to billions from its european partners. in these times of crisis, it has become obvious that the small country relied on its fine it -- financial sector to much, and toxic loans and bad speculation eventually tipped to the banks over the edge, so now cypress wants to be bailed out by europe. in return, international lenders want cyprus to introduce reforms and strict austerity measures. these would involve job losses and pay cuts, which is bad news for many cypriots who are already struggling to pay their bills. >> a decade ago, this dancer and musician was a star in cyprus, performing in clubs or appearing on television every night. women were at his feet. they called him the palomino of nicosia -- the ballerino of nicosia. now he and his wi
their benefit cards at strip clubs and other x-rated establishments. and nancy pelosi says the latest tax deal in congress does not go far enough this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. gerri: yet another battle looming in washington. in a number of weeks, the u.s. is set to said they had a $16.4 trillion limit. by the time that ends, we will be closer to that. a top democrat is making it clear that she wants more taxes. joining me now is pete carney, political columnist for the washington examiner. welcome back. it's great to have you here. >> and your. gerri: i am, of course, talking about nancy pelosi. >> it's not enough. we have already agreed to a trillion dollars in spending cuts. the. gerri: were you talking about them? more taxes? >> we are talking about the tax code. closing loopholes, $38 billion right there. gerri: holy cow
at strip clubs and other x-rated establishments. and nancy pelosi says the latest tax deal in congress does not go far enough [beep] [indistinct chatter] [kids talking at once] [speaking foreign language] [heart beating] [heartbeat continues] [faint singing] [heartbeat, music playing louder] ♪ i'm feeling better since you know me ♪ ♪ i was a lonely soul, but that's the old me... ♪ announcer: this song was created with heartbeats of children in need. find out how it can help frontline health workers bring hope to millions of children at everybeatmatters.org. gerri: yet another battle looming in washington. in a number of weeks, the u.s. is set to said they had a $16.4 trillion limit. by the time that ends, we will be closer to that. a top democrat is making it clear that she wants more taxes. joing me now is pete carney, political columnist for the washington examiner. welcome back. it's great to have you here >> and your. gerri: i am, of course, talking about nancy pelosi. >> it's not enough. we have already agreed to a trillion dollars in spending cuts. the. gerri: were you talking
america from falling off the fiscal cliff. most taxes won't go up but nobody is talking about the big one that does go up and it affects almost everybody. >>> and the fun and games are not over yet. the next battle facing a dysfunctional government is coming in just a few months. why one former ceo says he feels and america is going to hell. >>> and a fashionable forecast. the man behind more than a dozen luxury brands tells us what's hot and what's not. "on the money" starts right now. >>> this is america's number one financial news program. "on the money," now, maria bartiromo. >> here's a look at what's making news as we head into a new week on "on the money." december jobs report was out. the labor department says that the economy created 155,000 new jobs for the month. that was slightly below expectations. the unemployment rate stands at 7.8%, which is actually unchanged from november because november was revised upward to 7.8%, as well. well, after a painful and protracted battle in government, president obama signed a compromise bill avoiding the fiscal cliff. it makes the bush era
, lawmakers want to start taxing vaccinations? wait until you hear what they want to do with the money. >> the flu out break gating worse and if you think it is bad now just wait. congress considering to report making us cough up a tax on all flu vaccines; tracey? >> it is idiotic. let's just tax something in a ideal rule makes it better. this goes against obama care. gich health care practically away for free. you tax the vaccine, companies are less inclined to offer it free to the employees and costs are going to add up quicker and it defeats the purpose. >> the 75 percent tax and money go to the vaccine fund that you probably never heard of. is that right use of our money on the flew shot. 138 million. they took it . it doesn't work . it is a reventive measure. a lot of people don't want to take it. a lot of research said it doesn't work. it is 75 cents and not 75 percent. they paid out two billionn in claims? >> what this fund is for is to protect researchers in a suit or issue for the drug and alows them a insurance policy. like a driver's insurance policy, but for researchers. th
the reality of the u.s. congress. it got a deal that raises taxes on the upper brackets and prevents for now huge spending cuts. it's moved on to the issue of avoiding a u.s. default. >> the president needs to show up early this time. >> republicans say they are done raising taxes. they want the president to agree to spending cuts in exchange for raising the amount of money the u.s. treasury is allowed to borrow. the president wants the debt ceiling raised without debate. but be serious, this is washington. >> any future budget agreements must balance the need for thoughtful spending reductions, with revenue from the wealthiest among us and closing wasteful tax loopholes. >> joining me now to tell us where this is all headed, the senate's number two democrat dick durbin of illinois. good morning, and happy new year, senator. thanks for joining us. can you get a deal on the debt ceiling? can you raise that debt ceiling without agreeing to some spending cuts? >> well, i think we're going to need both. what the president has said is we need some balance here. from this point forward -- >> excus
that clip b nancy pelosi saying we will look for more tax increases this year. you have the two sides talking totally past each other. the republicans saying hell no, you just had the tax increase. this weekend people like dick durbin and nancy pelosi said we want even more revenue. the point i'm making neil what i came away from with the conversation with the speaker is this is only the second inning of in budget fight and we will see this as a protracted battle on the debt ceiling, on the sequester and continuing resolution. we will see this over and over again over the next six to nine months. >> neil: one of the things i love about not only your reporting but your akron is you cut to the core of the problem. and you explain to me, maybe i was a dope after the fact, i realize reading your account of this, that is why we are not getting anything done because they just don't think we have to. >> and let me relate one other thing that i found was really fascinating -- >> neil: that the president watches me all the time? i already know. but go ahead. >> we have the whole fiscal cliff d
winning dual will talk about the american dream, tax reform, and the u.s. health care system. the vanity fair riders have authored a book together including america, went wrong, critical condition, and their 2012 release, the trail of the american dream. >> donald barlett, when did you and james steele start working together? >> guest: 1971. >> host: how did you meet? >> the newsroom of the philadelphia inquirer. it was interesting. we were both hired. >> guest: we actually arrived on the same day. >> guest: same day. we never knew each other and had almost no contact area are first-year. >> host: who teamed you up? >> guest: someone at the paper, the paper and recently changed ownership, and he was very interested in projects, investigative projects, enterprise journalism, and he thought that the two of us who were newcomers might be able to work together. somehow or another ordains that this would happen. very often that does not work in journalism. sometimes they don't like to work together, but we tried to experiment. so far so good, as they say. >> host: why did it work for so long?
are dealing with today. if congress had not enacted these tax cuts, the bush tax cuts, if congress had not opened a new loopholes, we would not be having discussions about the dangers of the federal deficit. tax cuts did not just that in the bank accounts of rich people to, they plunged the nation deeper into the red. >> guest: absolutely, and that think written about taxes and deficit finance for many years. and until we looked into it for this book we did not fully realize just how egregious those revenue losses have been. this is the point we make. a lot of people think what is happening in the economy, all this is inevitable and we are just -- the rest of the world is catching up with us and that is where incomes are stagnant and all this business. we show that it is very much because of public policy. these things are just not happening and and and. taxes are a perfect example of that. i mean, none of the statistics in the book -- one of the statistics in the book that has stunned people, go back to the 50's and look at the richest americans, which is a specific number of people c
to believe that at the end of the year, the fact that dividend taxes go to 20% rather than much higher, some expectations, and capital gains taxes also 20%. good number there. but steve, let's talk about the uncertainty ahead. steve leisman, you've got the debt ceiling talks, a lot of people expect a big fight here. what do we need to know and focus on on the impact on stocks? >> the first is the disagreement over whether or not we're going to reach an employment level that will allow the government to stop buying assets. this time last year the fed was predicting an unemployment rate for the fourth quarter of the next year or 2012. that was up almost a percentage point higher than it ended up being. so the fed was too pessimistic about unemployment. if you do get a fast improvement in unemployment, then the fed may end up stopping easing faster than the market believes. the second thing we're finding out is a growing concern on the federal reserve about the exit strategy and the kind of impact it would have on the fed's balance sheet. if higher rates forces to take losses. and the kind of p
as a percentage of our economy from 21% up to almost 25%. we've resolved the tax issue now. it's over. it's behind us. we were able to get permanent tax relief for 99% of american taxpayers. and for 500,000 small businesses. so that's behind us. what's left to be dealt with is the spending. and it's a shame that the president doesn't embrace the effort to reduce spending. none of us like using these situations like the sequester or the debt ceiling or the operation of government to try to engage the president to deal with this. but -- >> but you said that was a strategy, that's what you learned. i want to come back to the question. it's a hostage that's worth ransoming, the debt ceiling of the united states government. is that the strategy that you would ransom that here again to force the kind of spending cuts that you think are necessary? >> it's a shame that we have to use whatever leverage we have in congress to get the president to deal with the biggest problem confronting our future. and that's our excessive spending. >> but you're conceding that that may be the strategy this time? >> well,
of our pockets accord to go goldman sachs. the combination of payroll tax cuts exspiring and higher rates on the wealthy hitting the economy hard. the second number, 80.4 billion, now, that's a record amount of your money the feds spent on food stamps in the last fiscal year and the final number, that's zero. that's how much in spending cuts president obama and democrats are willing to give in the next round of debt talks. but wait, there's more. cash for clunkers, the grand plan to get the auto industry on track. it's not only bad for the economy, but hurt the environment as well. "varney & company" is about to begin. karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science.
to raise the country's debt ceiling. shortly after lawmakers reached a down to the wire deal on taxes to pull the country back from the fiscal cliff earlier this week, the president tried to preempt the debt limit showdown by firing a warning shot at republicans. he reiterated that call yesterday. >> one thing i will not compromise over is whether congress should pay the tab for a bill already racked up. the congress refuses to give the united states the ability to pay its bills on time, the results for the global economy could be catastrophic. >> congress has vowed to use the upcoming votes to get more spending cuts to entitlement programs like medicare. some are threatening a government shutdown. in a moment, we'll talk to alan simpson and erskine bowles about where they see the fiscal cliff deal leaving the country. they say it falls short. but first, the man who brokered the deal with the white house on behalf of the republicans and no doubt will be a key figure in the battles ahead, the top republican in the senate, mitch mcconnell. he joins me now. leader mcconnell, happy new ye
is homeland security. and the tsa. did you get your paycheck today? notice something missing? the payroll tax holiday is over. will this middle class tax hike really damage the economy? "the kudlow report" begins right now. >>> first up tonight, a developing story. four democratic senators sent a letter to president obama late this afternoon. they want him to use any means necessary to raise the debt ceiling without republican house spending cuts. that's right. cnbc's eamon javers has the details. >> reporter: let me get right to exactly what that quartet of senators said. in their letter to president obama which was viewed widely as shoring up his left flank in the political debate over the debt ceiling. what they wrote was "we believe you must be willing to take any lawful steps to ensure that america does not break its promises and trigger a global economic crisis without congressional approval, if necessary." now the signers of this letter were harry reid, dick durbin, chuck schumer and patty murray. speaker boehner said "senate democrats cannot ignore their responsibilities for political
of the fiscal fight, a line around the area of that we cannot cut benefits and taxes should go up for those making $250,000 and above. there's a direct correlation between the two. going to the $400,000 rate, we left hundreds of billions of dollars on the table making it likely that social security benefits are threatened in the upcoming round. you know, the republicans have gone on national tv saying we lost this fight. we are going to have to vote for $250,000 and above. national prominent republicans said that continuing to give stuff away. we were not happy about that because we care about the benefits. >> host: the president was quoted saying "the officers made to them have been so fair that a lot of democrats get mad at me." so he falls them fair. >> guest: yeah. what we have to debunc is the idea if the left and right are angry, we must be doing something right. our organization commissioned a professional poll of swing states like new hampshire and virginia. in the state of new hampshire, live free or die. they do not have app income. 75% to 11%, even to reduce the deficit, do not c
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